Hearing postponed in Brunswick developer case

Published: Wednesday, May 8, 2013 at 2:27 p.m.

Last Modified: Wednesday, May 8, 2013 at 2:27 p.m.

Brunswick County | A special hearing to consider BB&T Corp.'s foreclosure motion accusing developer Mark Saunders and companies owned by him of defaulting on loans of about $4.5 million has been postponed, according to the Brusnwick County clerk of courts office.

The proceeding, which was set for Wednesday, has been rescheduled for Aug. 13 in the clerk of courts office. The hearing is not open to the public.

In the foreclosure, the bank is seeking 11 tracts containing multiple lots. They include properties associated with the Hammock Breeze subdivision in Oak Island as well as two tracts in Holden Beach and Shallotte. The Hammock Breeze property includes a beach club site promised to Seawatch at Sunset Harbor property buyers.

The document says the loans date back to 1997 and expired in March.

The Coastal Companies attorney Elaine Jordan has said the two sides were working toward a possible resolution when the bank flip-flopped. In court documents, The Coastal Companies said it had been making its monthly loan payment, but BB&T's claim says payments were not in the full amount.

<p>Brunswick County | A special hearing to consider BB&T Corp.'s foreclosure motion accusing developer Mark Saunders and companies owned by him of defaulting on loans of about $4.5 million has been postponed, according to the Brusnwick County clerk of courts office.</p><p>The proceeding, which was set for Wednesday, has been rescheduled for Aug. 13 in the clerk of courts office. The hearing is not open to the public.</p><p>In the foreclosure, the bank is seeking 11 tracts containing multiple lots. They include properties associated with the Hammock Breeze subdivision in Oak Island as well as two tracts in Holden Beach and Shallotte. The Hammock Breeze property includes a beach club site promised to Seawatch at Sunset Harbor property buyers. </p><p>The document says the loans date back to 1997 and expired in March.</p><p>The Coastal Companies attorney Elaine Jordan has said the two sides were working toward a possible resolution when the bank flip-flopped. In court documents, The Coastal Companies said it had been making its monthly loan payment, but BB&T's claim says payments were not in the full amount.</p><p><i></p><p>– <a href="http://www.starnewsonline.com/section/topic9907"><b>Jason Gonzales</b></a></p><p></i></p>